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Only $3.8B paid from BP’s $20B Gulf cleanup fund

The fund established to compensate Gulf Coast residents in the aftermath of last year’s massive BP oil spill said Monday it has paid out $3.8 billion so far. Get the full story »

Transocean execs get big bonuses after spill

Declaring 2010 “the best year in safety performance in our company’s history,“ Transocean Ltd., owner of the Gulf of Mexico oil rig that exploded, killing 11 workers, has awarded its top executives hefty bonuses and raises, according to a recent filing with the U.S. Securities and Exchange Commission. Get the full story »

BP shares hit after report of oil spill charges

Shares in oil major BP fell on Tuesday on a report that its managers could face manslaughter charges following the Gulf of Mexico oil spill, which could lead to much higher fines over the disaster. Get the full story »

BP brings back dividend despite losses

BP PLC Tuesday resumed its corporate dividend and deepened strategic changes. But the company’s earnings came in below expectations, as BP signaled that short-term oil and gas volumes would continue to drop. Get the full story »

Oil prices climb after Alaska Pipeline disruption

Oil prices rose above $89 a barrel Monday after the 800-mile trans-Alaska pipeline owned by BP PLC and four other companies was shut down because of a leak.

Report skewers BP, firms in oil spill for risks

BP and its partners made a series of cost-cutting decisions that ultimately contributed to the oil spill that ravaged the Gulf of Mexico coast over the summer, the White House oil spill commission said Wednesday.

In its final report on causes of the largest offshore oil spill in U.S. history, the commission said BP and its collaborators on the doomed Macondo well had lacked a system to ensure their actions were safe. Get the full story »

Gulf spill fund adviser being paid with BP cash

A law professor being paid $950 an hour with BP’s money has declared that the czar of the $20 billion claims fund for Gulf oil spill victims is independent of the oil giant. Get the full story »

Obama administration sues BP, others on Gulf spill

The Obama administration sued BP Plc and four other companies over the Gulf of Mexico oil spill Wednesday, charging violations of U.S. environmental laws, in the opening salvo in what will likely be a lengthy legal battle.

The lawsuit seeks damages from BP, Transocean Ltd, Anadarko Petroleum Corp, Mitsui & Co Ltd unit MOEX and BP’s insurer Lloyds of London for their roles in the worst offshore oil spill disaster in U.S. history. Get the full story »

BP shares hit 7-month high on new asset sales

BP shares on Tuesday jumped to their highest level in seven months after the company announced it was selling another $775 million in assets to help pay for the Gulf oil spill.

The British oil giant expects to pay nearly $40 billion to handle the spill and has aggressively raised money to meet that obligation. In addition to suspending its dividend and selling bonds, the company has sold nearly $22 billion in assets. It plans to shed up to $30 billion in company assets by the end of 2011. Get the full story »

BP challenges U.S. estimates of oil spill rate

BP is mounting a new challenge to U.S. government estimates of how much oil flowed from the runaway well deep below the Gulf of Mexico. The issue will be critical in determining the size of federal pollution fines the company will pay.

Ex-CEO says BP was unprepared for oil spill

Former BP chief Tony Hayward has acknowledged that the company was unprepared for the disastrous Gulf of Mexico oil spill and the media frenzy it spawned, and said the firm came close to financial disaster as its credit sources evaporated. Get the full story »

BP gains, with traders citing Exxon bid talk

Shares in BP gained on Friday, with traders citing talk that Exxon Mobil was considering a bid for the oil company.

By 10:29 a.m. EDT, BP shares were up 1.1 percent at 450 pence, having hit an intraday high of 451.35 pence on the rumor. Get the full story »

Toxic chemicals found deep at oil spill site

Toxic chemicals at levels high enough to kill sea animals extended deep underwater soon after the BP oil spill, U.S. researchers reported Tuesday.

They found evidence of the chemicals as deep as 3,300 feet

and as far away as 8 miles in May, and said the spread likely worsened as more oil spilled. Get the full story »

BP returns to profit despite $7.7B charge in 3Q

BP PLC raised the likely cost of the devastating Gulf of Mexico oil spill by $7.7 billion Tuesday, dragging down its third quarter net profit by more than 60 percent despite higher oil and gas prices. In an earnings update, the London-based company said it returned to profit for the first time since the April spill, though net income of $1.79 billion was still well below a year-earlier profit of $5.3 billion because of the extra charge.

Judge releases Halliburton cement to investigators

A New Orleans federal judge overseeing litigation on the Deepwater Horizon drilling disaster signed an order to release materials Halliburton used in the cementing job on BP’s blown-out Macondo well to federal investigators. Get the full story »